UBS has replaced its CEO due to the acquisition of Credit Suisse

UBS, the Swiss bank that is acquiring Credit Suisse, has appointed Sergio Ermotti as the new CEO of the group, according to a statement on the bank’s website. “The board of directors of UBS Group AG (UBS) announces today that it has appointed Sergio P. Ermotti as the new CEO of the group,” the document said. The decision takes effect on April 5.

The bank’s press service explains that this decision was made in light of UBS’s new priorities following the planned acquisition of Credit Suisse. “Ralph Hamers (the current CEO) will remain at UBS and will work together with Sergio P. Ermotti as an advisor during the transition period,” the bank added.

Switzerland’s largest bank, UBS, is acquiring Credit Suisse, which is in a crisis, for CHF 3 billion (USD 3.2 billion). Credit Suisse and UBS are expected to receive financial assistance of up to CHF 109 billion, according to the Swiss National Bank, which was reported earlier in March. The acquisition of Credit Suisse will be completed as soon as possible, said UBS Chairman Axel Weber on March 19. According to him, this will take several weeks.

The US Department of Justice has said it is investigating how Credit Suisse and UBS interacted with Russians who were subject to sanctions.